NS sees little interest for uranium exploration
Atlantic Watch
Nova Scotia has received no bids for uranium exploration in the province yet.
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CBC
11 minutes ago
- CBC
Canada's 'worst boss' defies nuclear regulator, threatens to sue
A licensed nuclear facility in Kanata is ignoring orders from the federal regulator, with the owner claiming in all-caps rants that he will sue the Canadian Nuclear Safety Commission (CNSC). A deadline passed this week for Best Theratronics Ltd. (BTL) to provide the CNSC with a written update on its progress toward restoring a lapsed financial guarantee. After receiving no response from the company, the CNSC told CBC in an email that it will now "determine the next steps." BTL owner Krishnan Suthanthiran did not respond by publication time when asked about the deadline elapsing, but has previously accused CNSC of wrongdoing. "We are not in violation of CNSC RULES , it is CNSC THAT IS IN VIOLATION OF THEIR OWN RULES," Suthanthiran wrote to CBC in an email last month, claiming he was filing a lawsuit against the CNSC. "THIS AND MY BUSINESS EXPERIENCE IN CANADA WILL BE A GLOBAL MOVIE - DOCU DRAMA - under the generic title , " NO GOOD DEED GOES UNPUNISHED ", the septuagenarian continued, using idiosyncratic capitalization and punctuation. With Suthanthiran's conflict with the CNSC stretching back to last November, critics say the case highlights issues with the regulator's cosy relationship with the industry it oversees and raises questions about whether taxpayer money could be at stake if the dispute is not revolved. 'Canada's worst boss' BTL is a manufacturer of cancer treatment machines with a Class 1B nuclear substance processing facility operating licence. Formerly part of Crown corporation Atomic Energy Canada Ltd., it was privatized in the 1990s and then sold to the Indian-born Suthanthiran in 2007. The licence permits it to handle nuclear isotopes involved in the production of cobalt-60 external beam radiation therapy units and cesium-137 self-contained blood irradiators. As part of its licence, BTL is required to maintain a $1.8-million financial guarantee, to cover any costs associated with cleanup or decommissioning, should the company default on its obligations. Last year, as BTL was involved in a protracted labour dispute in which striking workers labelled Suthanthiran "Canada's worst boss," the CNSC was made aware this guarantee had lapsed. At the same time, the regulator was growing concerned about security at the then empty facility. In November, the CNSC issued two orders against BTL, one relating to restoring the financial guarantee and another related to security at the facility while the workers were on strike. In February, the CNSC amended the financial guarantee order, giving BTL until June 9 to provide a written update. "Providing extensions and long timelines for compliance is a hallmark of a regulator that is being too deferential and accommodating of industry," said Theresa McClenaghan, executive director of the Canadian Environmental Law Association. This accommodative approach toward a recalcitrant licensee was also seen in communications CNSC sent to BTL advising the company that it may be in breach of the financial guarantee order. "Some of the activities that Best Theratronics Ltd. has indicated have occurred ... may not be allowed under section 1 of the amended order," it wrote in a May 15 email seen by CBC. "As such, we request that you cease these activities." In a response seen by CBC, Suthanthiran replied to the regulator: "I HAVE BEEN BUSY IN RAISING LOAN FUNDS TO KEEP BTL OPERATIONAL , ( but not other companies ) . BUT WHY ARE YOU CHARGING LINCE FEES QUARTERLY WHEN YOU ARE DENYING THE CANCER PATIENTS GLOBALLY FROM GETTING THEIR TREATMENT . "CNSC TREAMENT OF BTL IS NOT A REGULATORY PRUDENCE BUT CRIMINAL . "BEST WISHES , HAVE A GRSAT FRIDAY ." 'The captive regulator problem' Part of CNSC's difficulty in dealing Suthanthiran is that its regulatory framework does not envisage dealing with bad faith actors, according to McClenaghan. Instead, its light-touch regulatory philosophy relies on licensed operators to uphold standards. "Licensees are directly responsible for managing regulated activities in a manner that protects health, safety, security and the environment," the CNSC writes on its website. "I can't think of a time in Canada where you just had somebody completely not complying" with orders, said McClenaghan. "In my view, the CNSC is not sufficiently independent." Among the next steps the CNSC may consider, it has the power to revoke Suthanthiran's licence. "The CNSC uses a graduated approach to enforcement to encourage and compel compliance and deter future non-compliances," a CNSC spokesperson told CBC in an email. "Enforcement actions can range from simply informing the licensee, to issuing an order or an administrative monetary penalty, to revocation of a licence and prosecution in the most extreme of cases." Green Party Leader Elizabeth May believes Suthanthiran's licence should be revoked. "Why is he still operating in Canada when he's out of compliance with many orders that the company has been issued?" she asked. Under investigation in Belgium In 2012, another company owned by Suthanthiran, Best Medical Belgium, was placed into administration after Belgian authorities accused Suthanthiran of illegally draining funds from the company and walking away. The Walloon regional government said the total cost of that cleanup operation eventually reached €128 million, now worth about $200 million Cdn. A criminal investigation into Suthanthiran in Belgium is ongoing, the Belgian prosecutor has told CBC. Given Suthanthiran's history, it is problematic that the CNSC has not moved more swiftly, according to May. "It's basically the captive regulator problem," she said, suggesting the CNSC may be too close to the industry it oversees. BTL is in the riding of Liberal MP Jenna Sudds, who said she takes matters of regulatory compliance seriously. "Ignoring directives from our national regulatory body raises serious concerns about the commitment to safety standards that protect both employees and our community," Sudds wrote in an emailed statement, adding that she will "monitor this situation closely."
Globe and Mail
18 minutes ago
- Globe and Mail
OXY Stock Outperforms Industry in Last Two Months: How to Play
Occidental Petroleum Corporation 's OXY shares have gained 18.8% in the last two months compared with the Zacks Oil and Gas-Integrated-United States industry's rally of 12.2%. The company operates in a very competitive industry, but Occidental's strong presence in the prolific Permian Basin works to its advantage. Occidental has outperformed some other operators in this space. In the same period, other operators in the same industry, like ConocoPhillips COP and Hess Corporation HES, have gained 9.6% and 9.8%, respectively. Price Performance (Two Months) Occidental is trading above its 50-day simple moving average (SMA), signaling a bullish trend. OXY's 50-Day SMA The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as it is the first marker of a stock's uptrend or downtrend. Should you consider adding OXY stock to your portfolio only based on positive price movements? Let's delve deeper and find out the factors that can help investors decide whether it is a good entry point to add OXY stock to their portfolio. Factors Acting as Tailwinds for Occidental Occidental continues to benefit from its strategic acquisitions, which have significantly boosted production volumes and top-line performance. Notably, the acquisition of CrownRock assets has enhanced output while reducing well operating costs. A key focus for Occidental is strengthening its balance sheet and lowering capital servicing expenses. In 2024, the company achieved its short-term debt reduction target of $4.5 billion and aims to further reduce outstanding debt by mid-2027 through free cash flow generation and proceeds from divesting non-core assets. The company's emphasis on developing its Permian Basin assets has been particularly fruitful. Occidental projects total production in 2025 to range between 1,390 and 1,440 thousand barrels of oil equivalent per day (Mboe/d), with the Permian accounting for approximately 760–786 Mboe/d. Under current economic and technical conditions, the company holds more than a decade of high-return drilling inventory in this region. To support its growth strategy, Occidental plans to invest between $3.5 billion and $3.7 billion in the Permian in 2025. In the first quarter alone, the company brought 125 wells online and targets drilling 515 to 565 wells by the end of the year. Its commanding regional presence is reflected in its control of 1.5 million acres in unconventional areas and 1.4 million acres in conventional zones. In addition to its robust U.S. operations, OXY also benefits from stable international performance, further strengthening its overall financial and operational outlook. Headwind for OXY Stock Occidental's operational performance is influenced by changes in demand and the volatility of both global and local commodity prices. The company remains vulnerable to fluctuations in the commodity markets, and as of Dec. 31, 2024, it had no active commodity hedging strategies in place. A significant decline in commodity prices from current levels could negatively affect Occidental's financial performance. OXY Stock's Earnings Surprise History The stable performance of the company allowed it to surpass earnings estimates in each of the last four reported quarters, the average earnings surprise being 24.34%. Hess Corporation, operating in the space, surpassed earnings estimates in each of the last four quarters, resulting in an average positive surprise of 9.58%. Occidental's Earnings Estimates are Going Down The Zacks Consensus Estimate for Occidental's 2025 and 2026 earnings per share has moved down 26.09% and 27.17%, respectively, in the past 60 days. ConocoPhillips' 2025 and 2026 earnings per share have gone down 18.93% and 25.40%, respectively, in the past 60 days. OXY's Shares Are Trading at a Premium Occidental's shares are currently expensive on a relative basis, with its current trailing 12-month Enterprise Value/Earnings before Interest Tax Depreciation and Amortization (EV/EBITDA TTM) being 5.11X compared with its industry average of 4.85X. ConocoPhillips and Hess Corporation are currently trading at EV/EBITDA TTM of 5.27X and 7.7X, respectively, a premium to the industry. Occidental's ROE Lower Than the Industry Occidental's return on equity ("ROE") is lower than the industry average in the trailing 12 months. ROE of OXY was 16.6% compared with the industry average of 16.89%. Summing Up Occidental's strength in its domestic and international operations and the positive impact of acquisitions are expected to support its performance. Yet, the company faces challenges from volatile commodity prices and returns that currently lag behind industry averages. Declining earnings estimates are also a concern. Despite the headwinds, it is advisable to keep this Zacks Rank #3 (Hold) stock in your portfolio, given its strong domestic operations and exposure to the prolific Permian Basin. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> ConocoPhillips (COP): Free Stock Analysis Report
CBC
30 minutes ago
- CBC
Back-to-back elections could wear out voters and hurt engagement, advocate says
A voting advocate is warning of the effects election fatigue could have ahead of the possibility of Newfoundland and Labrador municipal and provincial elections falling within just days of each other. General municipal elections in the province are held every four years on the last Tuesday in September, which would have been Sept. 30. But the provincial government announced it would change the date this year and move elections to Oct. 2 so they wouldn't interfere with the National Day for Truth and Reconciliation. A provincial election has yet to be called, but must occur on or before Oct. 14. Municipalities Newfoundland and Labrador president Amy Coady says the situation could be problematic both for voters and those running for office. "This will be three elections for us this year. We just came out of a federal election, there has to be a provincial election and there will be a municipal election," she told CBC Radio's On the Go. "Voter fatigue, you know, is real." Coady says fatigue can play out in different ways, like seeing what can feel like an overload of road signs or having several candidates and volunteers — some of whom have worked with other candidates in the past, she added — constantly knocking at your door. It can all lead to confusion, she says, which could deter people from being actively engaged in both municipal and provincial elections. Having two elections around the same time can also hurt the candidate pool, Coady says, as many involved in municipal government often consider taking a run at provincial politics. "If they run provincially and aren't successful, they've passed the nomination deadline for running municipally. So you're losing candidates that way," she said. Coady says she believes both candidates and residents have a role to play in keeping engagement up. Candidates will have to work extra hard to make sure they let the public know a municipal candidate from a provincial candidate, and she recommends things like making sure messaging is clear and avoiding the use of colours of provincial parties in municipal campaigns. For residents, it's all about making sure they know who is who, what they stand for, and the issues that fall within their jurisdiction, Coady added. She hopes the issue of back-to-back elections could be resolved through fixed-election date legislation in the future, or ensuring governments make sure provincial elections fall far enough away from municipal ones in September.
